Correlation Between Grayscale Bitcoin and RAYTHEON
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By analyzing existing cross correlation between Grayscale Bitcoin Mini and RAYTHEON TECHNOLOGIES PORATION, you can compare the effects of market volatilities on Grayscale Bitcoin and RAYTHEON and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Grayscale Bitcoin with a short position of RAYTHEON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grayscale Bitcoin and RAYTHEON.
Diversification Opportunities for Grayscale Bitcoin and RAYTHEON
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Grayscale and RAYTHEON is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Grayscale Bitcoin Mini and RAYTHEON TECHNOLOGIES PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RAYTHEON TECHNOLOGIES and Grayscale Bitcoin is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Grayscale Bitcoin Mini are associated (or correlated) with RAYTHEON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RAYTHEON TECHNOLOGIES has no effect on the direction of Grayscale Bitcoin i.e., Grayscale Bitcoin and RAYTHEON go up and down completely randomly.
Pair Corralation between Grayscale Bitcoin and RAYTHEON
Considering the 90-day investment horizon Grayscale Bitcoin is expected to generate 1.56 times less return on investment than RAYTHEON. In addition to that, Grayscale Bitcoin is 1.37 times more volatile than RAYTHEON TECHNOLOGIES PORATION. It trades about 0.04 of its total potential returns per unit of risk. RAYTHEON TECHNOLOGIES PORATION is currently generating about 0.08 per unit of volatility. If you would invest 6,355 in RAYTHEON TECHNOLOGIES PORATION on September 24, 2024 and sell it today you would earn a total of 213.00 from holding RAYTHEON TECHNOLOGIES PORATION or generate 3.35% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 95.24% |
Values | Daily Returns |
Grayscale Bitcoin Mini vs. RAYTHEON TECHNOLOGIES PORATION
Performance |
Timeline |
Grayscale Bitcoin Mini |
RAYTHEON TECHNOLOGIES |
Grayscale Bitcoin and RAYTHEON Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Grayscale Bitcoin and RAYTHEON
The main advantage of trading using opposite Grayscale Bitcoin and RAYTHEON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grayscale Bitcoin position performs unexpectedly, RAYTHEON can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in RAYTHEON will offset losses from the drop in RAYTHEON's long position.Grayscale Bitcoin vs. Grayscale Bitcoin Trust | Grayscale Bitcoin vs. Siren Nasdaq NexGen | Grayscale Bitcoin vs. First Trust Indxx | Grayscale Bitcoin vs. Simplify Equity PLUS |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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